GM will also benefit from robust auto demand in the United States over the next three to five years, Ward claims. That's because 40% of the cars on the road now are 12 years or older.

"It's the oldest fleet you've ever seen, and its going to need to be replaced," he said.

Additionally, Ward likes GM's financial position.

The stock trades at around nine times 2014 earnings estimates, according to FactSet. By comparison, Rival Ford (F) trades at 12 times 2014 earnings.

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And after emerging from bankruptcy and successfully re-entering the public markets in 2010, the company has $20 billion of cash on its balance sheet.

But that pile of cash is deceiving, according to Matt Stover, an analyst at Guggenheim Securities who isn't buying on the General Motors dip. He mentioned a big debt burden and unfunded pension liabilities as reasons for ongoing concern.

Further, he said GM will be plagued for years by expenses related to the recalls and the subsequent investigations. Such costs include settlements with victims families and possible fines by the government.

Toyota (TM) just agreed to pay $1.2 billion to settle a criminal probe into its conduct during its massive faulty accelerator recall from four years ago.

Still, Stover believes the bad GM headlines won't keep consumers away from GM dealerships. He said car buyers usually look at third-party review sites such as J.D. Power and Associates rather than the news for advice when buying a car.

"I think consumers are immune to connecting the dots between recalls and quality," he said.

And investors tend to forget about recalls after awhile. Shares of Toyota (TM) are now substantially higher than where they were during the worst of its 2010 recall problems.

While car manufacturers in June reported their strongest monthly sales in nearly six years, the industry hasn't fully recovered. Analysts forecast that vehicle sales in the U.S. should reach 16 million by 2014, which is still below the pre-financial-crisis highs of more than 17 million.

Since the dark days, though -- when sales dipped to 10 million in 2009 -- car companies have MORE